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A 120% Loss on Vegas Mall Triggers Payday for Icahn’s Big Short

  • Total realized loan loss was $74 million, according to BofA
  • Mall valued last year at $28.2 million liquidated at $402,000
The Prizm Outlet Mall in Primm, Nevada.
The Prizm Outlet Mall in Primm, Nevada.Photographer: Kirby Lee/LEEKI/AP Photo

A loan tied to a beleaguered mall outside of Las Vegas realized a loss of 120% after the shopping center sold for about the same price as a condo.

The loan, which had a current balance of $62.2 million, was completely written down after the Prizm Outlets were liquidated for just over $400,000, according to Bank of America Corp. When accounting for $11.5 million in fees and reimbursements owed to the master servicer for advances made, the total realized loss came out to $74 million.